BRITISH TRADE.

Hawera & Normanby Star, Volume XLII, Issue XLII, 15 May 1922, Page 5

BRITISH TRADE.

MONEY MARKET WELL SUPPLIED WOOL MAINTAINS ITS PRICE. TROUBLE WITH APPLE SHIPMENTS. ' BY C^MiU—VBESS ASSOCIATION—COPYRIGHT (K«ceived May 15, 5.5 a.m.) LONDON, May 13. International politics had a somewhat disturbing effect on the Stock Exchange this week, but Mr Lloyd George's and M. Barthou's denials of the sensational reports of the rupture of the Entente quickly dissipated the feeling of uneasiness, and there is now a distinct disposition to take a hopeful view. Business has certainly been on a reduced scale, but no weakness Is apparent anywhere, and gilt-edged-closed quite firm, with colonials tending upwards. Home securities, especially rails, received encouragement from the confident tone of Mr Baldwin's speech on Thursday, but industrials do not yet show an increase in activity. Wireless shares are a notable exception, with a strong demand and rising prices,' doubtless owing to recent wireless tele-, phone development. The money market is still plentifully supplied, and rumours are again current that the Government is likely to take advantage of the present case to issue a large funding loan in the comparatively near future. Apart from the £260.000,000 now under process of conversion and a large sum outstanding in" Treasury bills, the Government has to deal with about £600,000,000 of debt maturing within the next five years, and there are also £2,000,000,000 of 5 per cent war loan. It is suggested that the Government funding proposal will offer holders of war loan an opportunity of exchanging into some longer dated loan. There is not the slightest sign of any reaction in wool, and it is expected that the present sales will close Thursday with prices at the highest point. Surprise is expressed at this strength, considering that the manufacturing end of the trade is by no means confident, but a strong speculative spirit abroad in the raw material market has apparently been induced by expectation of an early passage of the new United States tarTtt and the hope that the Genoa discussions will open the channels for the export of large quantities to Russia. The latter factor, however, is largely responsible for the recent appreciation of low and medium qualities. The position of the apple trade is causing some anxiety among importers. During the last fortnight upwards of 400,000 cases of Australian and New Zealand have arrived, of which some are decidedly in an unsatisfactory condition, causing buyers to exercise much' caution. It is also stated that there are some weak holders, who are compelled to clear their stocks below the proper .market rates. Fortunately no further arrivals are due for about ten | days, and importers hope that the market will be cleared before then and buyers be keen again. The weather conditions told on all European fruits, which are very backward, so things ought to improve for the latter half of the Australian season if only the apples come in good condition. Further instances are reported of apples which externally appear to be sound turning brown inside, the last case being the Port Sydney's, of which the insurance surveyors had to examine a considerable quantity, with unsatisfactory r«sujts. There is much controversy regarding the cause. The shipowners contend that it is. due to an inherent vice in the apples, and not due to any fault of the snipping. Some importers assert that it is due to too close stowage or the non-circulation of air in the holds, pointing out that the trouble only occurred on certain vessels, whereas the fruits shipped by other vessels at the same time and from the same orchards arrived in perfectly good condition. The matter is regarded as serious, and as likely to cause underwriters to increase pi'emiums or refuse apple risk altogether.